The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has joined forces with the Motor Mechs and Technicians Association of Nigeria (MOMTAN) to back President Bola Ahmed Tinubu’s proposed tax reform bill. This legislative proposal, aimed at restructuring Nigeria’s tax framework, has been submitted to the National Assembly for review and consideration.
To ensure stakeholders are well-informed, the Chairman of the Presidential Policy on Taxation, Mr. Taiwo Oyedele, spearheaded a town hall meeting at SMEDAN’s headquarters in Abuja. Centered around the theme “Understanding the Tax Reform Bills: The Benefits and How to Maximize the New Tax System,” the gathering shed light on how the reforms could positively impact small businesses.
MOMTAN’s National President, Alhaji Morufu Adebayo Arowolo, expressed his association’s strong support for the initiative. He emphasized that the tax reforms have the potential to alleviate financial pressure on citizens, create a more equitable distribution of wealth, enhance fiscal transparency, boost productivity, and generate additional revenue for infrastructure projects. He reassured that MOMTAN members, as responsible and law-abiding individuals, remain committed to fulfilling their civic duties.
Additionally, SMEDAN’s Director-General, Mr. Charles Odii, underscored the transformative effects these reforms could have on Micro, Small, and Medium Enterprises (MSMEs). He encouraged business owners to adopt and integrate the new tax system to maximize its benefits.
The town hall event saw a broad spectrum of participants, including market traders, representatives from the Manufacturers Association of Nigeria (MAN) and the Nigeria Employers’ Consultative Association (NECA), as well as stakeholders from the creative arts sector, the agricultural industry, and the hospitality business.
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